Let’s face it: keeping it in the family is an enticing idea. In most cases, family is a circle of people that can be trusted, that love you and that generally have your best interests at heart. This seems like an ideal group of individuals to take with on the entrepreneurial ride, and rightfully so. But so many family business dealings go sour, while others lead to the best results. If you’re thinking of sharing your work life with a family member/s, here are some things to consider
The Pros
- You know them – Working with people you know can make communication easier, instil a sense of trust, and foster good nature between business partners. These are all undeniably valuable elements in any work relationship, and can have positive effects on work flow and the general operation of a business. Partners can work more efficiently through conflict because of a deeper understanding.
- Common values – Family members often share similar values, which is one of the most important things when it comes to choosing a business partner. To partner up with someone whose values do not align with yours can be the downfall of your business, and involving a family member could be the way to bypass this problem.
- Market appeal - it has been argued that family businesses are more appealing because people can relate to them. Such brands tend to portray more genuine values, such as tradition and work ethic. This however, is arguable.
The Cons
- Blurred lines – Business can get heated and frustrating, and it can be difficult to leave work in the office when you come home. If you have difficulty separating work and your personal life, it may be a challenge to get along with the family member who you had a heated argument with in the boardroom earlier today. Resentment can easily flow into the home in such cases, and who wants that?
- Ruining your reputation – You may set up your family member with connections or business deals, which will ultimately reflect back on you. If you recommend a family member to a business associate for whatever project or reason, they may not live up to the other party’s expectations. They may say the wrong thing, behave the wrong way or simply not be able to get the job done. As the party that involved him/her, your reputation is also on the line, whether you intend it to be or not.
- The comfort zone – Most people are comfortable with their families, which can introduce an element of slacking in the work environment. We tend to be forgiving and lax with our loved ones, and when this disposition seeps into business practice, it can slow down productivity, growth and overall work ethic.
For many entrepreneurs, involving family in their business is the best decision that could ever be made. For others, however, it is the bane of their journey. Like most things in life and entrepreneurship, it is largely dependent on individuals and how they navigate their circumstances. Would you be able to do business with a family member?